New York, United States , Dec. 07, 2023 (GLOBE NEWSWIRE) -- The Global Cold Storage Market Size is to grow from USD 120.5 Billion in 2022 to USD 414.6 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 13.15% during the projected period.
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The preservation of food or other objects in a freezer or another cold environment is referred to as cold storage. Food kept in freezers is preserved for a longer time. It is a crucial component of the supply chain management system for storing or transporting items that need to maintain a specific temperature. Modern refrigeration technology, as well as sustaining and incorporating a variety of items like fruits and vegetables, are among the benefits of cold storage technology offices. This considerably lowers the likelihood of air temperature product waste.
Consumer tastes are changing in Favor of meals that are ready to cook due to growing hygiene awareness. Since the simplicity of packing and support for microwave heating, consumers are favoring frozen meals. However, the frozen food sector in emerging nations has significant obstacles due to a lack of refrigeration facilities in retail establishments and poor distribution systems to reach remote regions. Import and export of chilled goods, as well as rising private sector participation, are the three main growth drivers for the cold storage business.
COVID 19 Impact
The impact of the pandemic on several businesses, including cold storage, has worsened due to insufficient measures taken to stop the coronavirus from spreading around the world. Online shopping channels experienced a dramatic increase in demand as a result of the government-imposed lockdowns. People were required to change their buying habits and switch to internet channels for buying things, including medications, groceries, and other food items, as a result of lockdowns and the fear of becoming infected. Furthermore, the spread of the new coronavirus has a significant influence on the pharmaceutical business. Despite the fact that medical supplies are considered essentials and were largely unaffected by the lockdown, the government's directives to ensure adequate supplies across the country have increased the need for strong temperature-controlled facilities to ensure timely and efficient supply. Another significant element propelling the worldwide market for cold storage is the rising tendency towards the consumption of processed food goods.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on the "Global Cold Storage Market Size, Share, and COVID-19 Impact Analysis, By Warehouse Type (Public, Private, Semi-Private), By Temperature (Chilled, Frozen), By Construction Type (Bulk Storage, Production Stores, Ports), By Application (Food & Beverage, Pharmaceuticals), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The public segment dominates the market with the largest revenue share over the forecast period
Based on the warehouse, the global cold storage market is segmented into public, private, and semi-private. Among these, the public segment is dominating the market with the largest revenue share of 68.2% over the forecast period. Public warehouses are more versatile and cost-effective than private warehouses. Public warehouses, usually referred to as duty-paid warehouses, are ones that are controlled by a business or an individual. There is a tremendous degree of freedom in public storage.
The frozen segment is witnessing significant CAGR growth over the forecast period.
On the basis of temperature, the global cold storage market is segmented into chilled and frozen. Among these, the frozen segment is witnessing significant CAGR growth over the forecast period. Customers' shifting preferences for ready-to-cook meals as a consequence of improved awareness of convenience and hygiene, as well as their preference for frozen food due to its ease of packaging and support for microwave heating, have all contributed to the demand for this market sector.
The bulk storage segment is expected to hold the largest share of the Global Cold Storage Market during the forecast period.
Based on the construction, the global cold storage market is classified into bulk storage, production stores, and ports. Among these, the bulk storage segment is expected to hold the largest share of the cold storage market during the forecast period. This type of warehouse is ideal for storing fruits and vegetables in bulk in addition to increasing the shelf life of other bulk commodities like flour, cooking supplies, and canned goods by avoiding their degradation by keeping them out of direct sunlight.
The food & beverage segment accounted for the largest revenue share of more than 78.2% over the forecast period.
On the basis of application, the global cold storage market is segmented into food& beverage and pharmaceuticals. Among these, the food& beverage segment dominates the market with the largest revenue share of 78.2% over the forecast period. To avoid damage, food items like milk and dairy products must still be kept in a refrigerator. Therefore, it is crucial to live by the regulations limiting the decomposition of food ingredients brought on by bacterial growth when keeping dairy products in refrigerated warehouses. The necessity to maintain food quality while also preventing decomposition is what is driving the growth of the food and beverage industry.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 62.7% market share over the forecast. The main factors influencing the region's growth are a large client base and the increase in linked devices. Mexico is expected to develop exponentially, especially in North America, as a consequence of increasing investments in the building of the logistics infrastructure and a more robust network of warehouses. Mexico's growing economy and regulatory changes aimed at streamlining the nation's present projects and immigration program will support market development in this sector.
Asia Pacific, on the contrary, is expected to grow the fastest during the forecast period. Some countries, particularly China, are transitioning to a market-based economy. They are thus expected to increase considerably over the forecast year. Europe, market is expected to register a substantial CAGR growth rate during the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the, Major vendors in the global cold storage market include The Lubrizol Corporation, Arkema, BASF SE, Daikin Industries, Ltd., Zeon Corporation, Targray, Industrial Summit Technology Corp., Synthomer Plc, Trinseo S.A., UBE Corporation, Kureha Corporation, Sumitomo Chemical Co., Ltd. and Others
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Recent Market Developments
- In May 2023, Saiber Innovation Technologies partnered with CYMAR Management Ltd., a cyber-insurance specialist, to fulfill the UAE marine and logistics sectors' cyber insurance needs and to assist in defending the maritime and logistics sectors from cyber-attacks.
Market Size Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global cold storage market based on the below-mentioned segments:
Cold Storage Market, Warehouse Analysis
- Public
- Private
- Semi-Private
Cold Storage Market, Temperature Analysis
- Chilled
- Frozen
Cold Storage Market, Construction Analysis
- Bulk Storage
- Production Stores
- Ports
Cold Storage Market, Application Analysis
- Food & Beverage
- Pharmaceuticals
Cold Storage Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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